Wipro Q2FY22 Results: Company records 19% YoY growth in net profit; Earnings Per Share sees 24% jump

Bengaluru-based IT service provider Wipro Limited reported a strong revenue growth for the quarter ended September at 8.1% on QoQ and 28.8% on YoY,  said the company in a press release on Wednesday.  

Wipro recorded net income of ₹29.3 billion ($395.2 million1) for the reporting quarter, an increase of 18.9% YoY, while Earnings Per Share (EPS) for the quarter was at ₹5.36 ($0.071), an increase of 23.8% YoY. 

Thierry Delaporte, CEO and Managing Director, said, “The Q2 results demonstrate that our business strategy is working well. We grew at over 4.5% organic sequential growth for a second quarter in a row, resulting in a 28% YoY growth in the first half of this financial year. I thank our customers, partners, and colleagues as we surpassed the $10Bn milestone of annualized revenue run rate.” 

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Wipro Limited Q2FY22 Result Highlights for the Quarter ended September 30, 2021

Results for the Quarter ended September 30, 2021:
*Gross Revenue was ₹196.7 billion ($2.7 billion1), an increase of 7.8% QoQ and 30.1% YoY
* IT Services Segment Revenue was at $2,580.0 million, an increase of 6.9% QoQ and 29.5% YoY
* Non-GAAP2 constant currency IT Services Segment Revenue increased by 8.1% QoQ and 28.8% YoY
* IT Services Operating Margin3 for the quarter was at 17.8%, flat on adjusted4 basis QoQ and reported decrease of104 bps QoQ
* Net Income for the quarter was ₹29.3 billion ($395.2 million1), an increase of 18.9% YoY
* Earnings Per Share for the quarter was at ₹5.36 ($0.071), an increase of 23.8% YoY. 

Jatin Dalal, Chief Financial Officer, said, “We sustained our operating margins in Q2 in a narrow band even after absorbing the full impact of our recent acquisitions and investing significantly in our business across sales, capabilities and talent." 

He further said that the company completed a salary increase covering 80% of its colleagues, making it the second hike in this calendar year. "We delivered a robust growth in EPS of 23.8% YoY,” he added.

Outlook for the quarter ending December 31, 2021

The company said that it expects revenue from our IT Services business to be in the range of $2,631 million to $2,683 million*. This translates to a sequential growth of 2.0% to 4.0%.

TCS was the first to announce its quarterly results (8 October) which were below the street's estimates. Infosys and Mindtree will also be announcing their earnings results, shortly.